ASIC suspends AFS licence for responsible manager compliance failures
ASIC has suspended the Australian financial services (AFS) licence of MW Planning Pty Ltd until 8 June 2026 after the firm failed to appoint a replacement responsible manager following regulatory action taken against its existing responsible manager.
Failure to replace responsible manager
ASIC banned MW Planning’s responsible manager, Robert John Tohill, on 25 August 2025. Despite this, MW Planning did not appoint a new responsible manager to oversee its AFS activities.
ASIC found that this failure meant MW Planning no longer met the organisational competence and human resources requirements attached to its AFS licence.
Additional compliance failures identified
ASIC also identified further breaches of the AFS licensing regime, including MW Planning’s failure to:
- lodge its financial statements and auditor’s opinion for the 2024 financial year, and
- report these failures to ASIC as required.
Suspension and ongoing obligations
ASIC has suspended MW Planning’s AFS licence until 8 June 2026. During the suspension period, the firm must:
- remain a member of the Australian Financial Complaints Authority (AFCA), and
- maintain appropriate professional indemnity insurance.
MW Planning has the right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.
Key considerations for AFS licensees
This decision highlights the importance of ensuring that responsible manager arrangements are maintained at all times. Where a responsible manager departs or is banned, licensees must promptly appoint a replacement and, where necessary, apply to vary their licence.
Failure to meet organisational competence and reporting obligations can result in serious regulatory consequences, including the suspension of an AFS licence.
If you require assistance with AFS licensing or compliance matters, including responsible manager appointments, licence variations or regulatory engagement with ASIC, please contact Chris Mee at cmee@cnmlegal.com.au or call 07 3211 4010.